Teaching kids financial responsibility at “Camp Economy”

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MILWAUKEE -- Starting out as children, we know money allows us to buy the things we need to survive. But having enough of it and knowing how to budget it is the tricky part. That's why the YMCA and Wells Fargo teamed up to teach children financial literacy.

"Starting to understand the value of money today is a key component to the future of their life," Wells Fargo Community Support Representative Julie Behling said.

The three-day program for nine to 12-year-olds is called Camp Economy.

It's part of the YMCA's Camp FLY, which runs 12 weeks during the summer months -- providing activities to prevent learning loss while school is out.

"They can come here pretty much throughout the day and do things like swimming and playing basketball but also learn things about math and literacy at the same time," Camp FLY Director Kendall Hayes said.

Camp Economy teaches children the difference between needing and wanting something, along with the importance of saving.

I`m saving money now but it`s hard because I like to spend money too," 12-year-old Camp Economy student Selena Ybanez said.

"I hope to learn how to stop spending my money on my wants and to save and spend money on my needs," 12-year-old Camp Economy student Dajah Patterson said.

The children also learned how to budget.

"Do they have any type of allowance they receive? If they were given $20 for a month, how would they allocate it?" Behling said.

Officials with Camp Economy hope this program will make an impact on the future of these children, as it's easy to get into financial trouble but tough to get out of it.

Camp Economy runs through Friday, August 17th. Wells Fargo offers hands-on banking courses for fourth graders through adults. CLICK HERE for additional details on the program.